FX

Core

EUR/USD (6E) — Five consecutive weeks of NO CALL bias exceeding the 4-week Bias Review After…

EUR/USD consolidation in 1.14-1.18 range through March 31 quarter-end with neutral bias awaiting April data cycle, market pricing Fed-ECB policy convergence complete

Extended

GBP/USD (6B) — ranging in normal regime

Neutral to mildly bearish consolidation expected with defensive positioning as markets digest BoE's hawkish inflation revision to 3.0-3.5% range following Iran conflict energy shock creating stagflationary policy dilemma

Extended

USD/JPY (6J) — USD/JPY testing critical 160 intervention threshold as of March 27-28 amid…

Market expects USD/JPY consolidation around 160 with mild bearish JPY bias on persistent rate differentials; 160 breach seen as technical event not intervention trigger given raised threshold per March 13 Reuters report

Core

EUR/USD (6E) — Desk NO CALL stance fully aligns with market noise threshold reality and…

EUR/USD consolidation in 1.15-1.18 range through March with neutral bias after dual central banks delivered expected holds removing catalyst

Extended

USD/JPY (6J) — Market significantly underpricing rate differential compression trajectory…

Market expects continued USD/JPY consolidation 156-160 range with slight bearish yen bias on persistent rate differentials; BoJ March hold seen as dovish despite maintained forward guidance

Extended

GBP/USD (6B) — US Employment Situation Report for March 2026 followed by UK monthly trade data…

Neutral to mildly bearish consolidation expected with defensive positioning as markets digest BoE's hawkish inflation revision to 3.0-3.5% range following Iran conflict energy shock

Full Desk

AUD/USD (6A) — RBA delivered widely-expected 25bp hike to 4.10% on March 18 but price action…

Market consensus rapidly shifted from pricing 78% March hike probability to recognizing narrow 5-4 vote split as dovish signal suggesting RBA policy ceiling reached, now neutral awaiting Q1 CPI confirmation

Core

EUR/USD (6E) — Imminent dual central bank catalyst cluster (FOMC March 17-18, ECB March 18-19)…

EUR/USD consolidation in 1.14-1.17 range through dual central bank meetings with cautious neutral bias awaiting Fed and ECB policy guidance

Extended

GBP/USD (6B) — -1.2 between 1.32 support and 1.335 resistance with 5/10 confidence

Mildly bearish consolidation expected with defensive positioning ahead of March 19 BoE meeting as markets price 90% probability of 25bp rate cut to 3.5% following January inflation decline to 3.0%

Extended

USD/JPY (6J) — Policy stalemate ahead of March 18 FOMC with Fed-BoJ differential unchanged at…

USD/JPY consolidation with slight bearish yen bias on persistent rate differentials; market expecting range-bound behavior ahead of FOMC

Full Desk

AUD/USD (6A) — Market appears to be under-appreciating binary volatility risk around March 17…

Market consensus rapidly shifted from bearish expecting RBA cuts to constructive bullish recognizing inflation-driven hawkish floor with 78% probability now pricing March 17 hike but positioning suggests uncertainty remains

Core

EUR/USD (6E) — consolidating in low regime

EUR consolidation in 1.16-1.18 range through March 19 ECB meeting with cautious neutral bias - 85% of economists expect ECB unchanged at 2.00% while Fed holds at 3.50-3.75%